The Chinese "Lenovo" establishes its local headquarters in Saudi Arabia

The Chinese “Lenovo” group announced today, Tuesday, its plans to establish a local headquarters in the Kingdom of Saudi Arabia, in a move aimed at improving its presence in the Middle East market, according to an official statement. The company said he had appointed Lawrence Yu as head of the new headquarters in Saudi Arabia, without making more details about the new headquarters. “Lenovo” has been expanded in Saudi Arabia, and this comes after the company announced last January that it will start producing millions of personal computers and servers of the Lenovo factory in Saudi Arabia during 2026, after the Kingdom has completed a two billion dollars investment in the Chinese manufacturing giant. Joanjing Yang, chairman and CEO of the company, said at the time that this strategic and investment collaboration with the Kingdom Lenovo would give significant resources and financial flexibility to accelerate its transformation and growth by utilizing the wonderful momentum in Saudi Arabia and the wider region in the Middle East and Africa. Also read: “Lenovo” Alliance with Saudi Arabia increases the attraction of its shares and its presence in the Middle East. The Kingdom expects its investments in Lenovo to offer 15,000 direct jobs locally and add $ 10 billion to gross domestic product by 2030, according to a previous statement when it first announced the agreement. Saudi Arabia attracts the headquarters of adults. According to Saudi Investment Minister Khaled Al -Falih, the new “Lenovo” headquarters will join 571 international businesses, most of which have been transferred. Saudi Arabia has launched an effort to encourage international businesses to establish their local headquarters in Riyadh, and Al -Falih said last October the number of multinational companies that obtained licenses to establish their headquarters in the Saudi capital has reached 540 enterprises, reaching the target of “Vision 2030”. Also read: Saudi Arabia offers new incentives to attract local headquarters for international businesses. It coincides with the transfer of the kingdom from the stage of lure of international companies to host their local headquarters to focus on maximizing the economic impact of the presence of this headquarters in Riyadh, according to Al -Falih. Saudi Arabia also recently announced comprehensive reforms in the Investment Act, with the aim of reducing bureaucratic procedures and facilitating the entry of foreign investors with their money to the country. The new amendments are scheduled to take effect next year.